Problem 5 The balance sheet account balances of the Damitio Inn at the end of 20x3 are as follows: Cash $ 10,000 Accounts receivable 150,000 Allowance for doubtful accounts 10,000 Food inventory 50,000 Prepaid insurance 12,000 Investments (long-term) 100,000 Land 300,000 Building 14,000,000 Equipment 800,000 Accumulated depreciation-building 2,500,000 Accumulated depreciation-equipment 200,000 Deferred income taxes, current assets 50,000 Organization costs (unamortized) 50,000 Accounts payable 50,000 Wages payable 20,000 Income taxes payable 30,000 Current maturities of long-term debt 80,000 Long-term debt 9,920,000 Deferred income taxes (long-term liability) 150,000 Common stock 500,000 Paid-in capital in excess of par 1,000,000 Retained earnings 1,062,000 Required: Prepare the balance sheet in accordance with the USALI